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McLean County Times

Monday, November 25, 2024

Former state university employee Johnson paid in $51K to pension fund, could collect $1.31M in retirement

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Former state university employee Patricia Johnson, who retired in July 2016, saved $50,913 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Johnson would collect as much as $1.31 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Johnson received $27,592 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Johnson will have already received $56,012 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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